National Payments Corporation of India (NPCI) on Wednesday said that UPI (Unified Payments Interface) transactions in the month of July reached 11.63 million, up over 10% as against the same month of last year. Total money transferred using UPI in the given month stoot at Rs 3,411.35 crore.

AP Hota, MD & CEO, NPCI said, “UPI is gradually becoming the preferred payment option for person-to-person payments due to its simplicity. Its merchant base is also growing at a rapid pace month on month for enabling wider acceptance.”

Reserve Bank of India (RBI) data show that UPI transactions for the past three months stood at 9.36 million, 10.35 million and 11.63 million while the value stood at Rs. 2,797.07 crore, Rs. 3,098.36 crore, Rs. 3,411.35 crore in May, June and July 2017, respectively.